America Redefining "Normal" During the Ression

Below is my summary of Nin-Hai Tseng article about 5 "New Normals" for the American public.

Long Term Unemployment:
We all are hoping for the 10% nation-wide unemployment numbers to decrease but a new question is arising, how low will it go and how long will it take? Researchers predict that by 2013 rates will have fallen to 6.8% but that is still a hefty percent considering pre-recession numbers hovered around 4.6%. Have we or will we be so accustomed to the high unemployment numbers that unemployment is the "norm"?

Renting Rather than Owning:
Homes were once seen as cash-cows, increasing in value while providing necessary shelter, and then homes changed into retirement funds, being sold for a large profits. Today, with our housing crisis, homes are not seen as investments, in fact many may feel they are shackles. Owning a home was once a status symbol everyone wanted, today, renting is becoming the "norm".

Saving in lieu of Spending:
Well if there is one thing we should learn from our financial predicament it is that we, Americans, over spend. We purchase things to feel good, because we want them, because we deserve them, but not because we need them or can afford them. Research suggests that Americans are saving more. [Hooray, you can teach old dogs new tricks!] Of course, less spending isn't helping our economy, but in the long run I think we'll be better for it. Saving, this a "norm" I can rally behind.

Stay-cations Instead of Vacations:
With American's trending to save more, vacations have been put on a budget. Fewer people are flying to their vacation destinations. Instead they are opting for driving or choosing Stay-cations (stay-at-home vacation).

Increased Taxes for 'the Wealthy':
President G.W. Bush's administration enacted huge tax breaks for wealthy American's. President Obama hopes to reverse this by redefining tax brackets next year to equalize the nations tax structure. While the increased tax revenue the government collects will help with our national budget, some critics think this plan will only stifle our fragile economy.

Read the whole article at Forbes.com.